- The annual inflation rate was 78.62% for June, according to the Turkish Statistical Institute, surpassing forecasts.
- Soaring consumer prices have hit the population of 84 million hard, with little hope for improvement in the near term as a result of the Russia-Ukraine war, high energy and food prices, and a sharply depreciated lira.
Inflation in Turkey rose close to 79% last month, the highest the country has seen in a quarter of a century.
The annual inflation rate was 78.62% for June, according to the Turkish Statistical Institute, surpassing forecasts. That’s the country’s highest annual inflation reading in 24 years. The monthly increase was 4.95%.
Soaring consumer prices have hit the population of 84 million hard, with little hope for improvement in the near term as a result of the Russia-Ukraine war, high energy and food prices, and a sharply depreciated lira, the national currency.
Transportation prices jumped 123.37% from the previous year, and food and non-alcoholic beverage prices climbed 93.93%, according to government data.
www.cnbc.com/2022/07/04/turkeys-annual-inflation-soars-to-almost-79percent.html